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Back to Daily DR Market Summary

StreetAccount Summary - Europe Pre-Open: Futures: FTSE flat, DAX +0.61%, CAC40 +0.76%

Mar 31 ,2026

  • Synopsis

    • European equity markets are set to open flat to mostly higher. Follows broad gains on Monday. Asian equity markets mostly lower in volatile trade. Kospi and Taiwan the worst performers on selloff in chip stocks. Nikkei and and greater China markets lower.

    • Media sources said Trump willing to end Iran conflict without reopening Strait of Hormuz, leaving any operation for later date while relying on diplomatic pressure on Iran instead. Comes as White House emphasizes talks. Trump said US in serious negotiations and great progress made. However, at same time, has threatened to bomb Iranian energy, oil and desalination facilities, heightening concerns about Middle East economic infrastructure being targeted if diplomacy fails.

    • In central banks, Riksbank's Thedéen speech at 8:00CET on the banks' capital adequacy requirements whilst ECB's Montagner panelist at 8:30CET at the 16th EFR Stakeholder Round Table. Estonia central bank press conf at 9:30CET in connection with the bank's latest economic forecast; governor Müller speech. Slovakia central bank's Kazimir presents bank's economic forecasts. Netherland central bank's Sleijpen speech. Italy central bank's Panetta speech at 10:00CET at bank's Annual Meeting. Riksbank's Jansson speech at 12noon CET to discuss the latest interest rate decision and the economic situation at event organised by Danske Bank. French President Macron official visit to Japan (through Thu). Informal meeting of EU research ministers. EU's Mînzatu delivers the keynote address at the aforementioned Economist conf.

    • On the macro data front, BRC shop price inflation edged up to 1.2% y/y in March, well below expectations, but only covered period up to 7-Mar. Warned of storm clouds on the horizon. UK final Q4 GDP due and German retail sales ahead of European open. German unemployment also out later. Highlight of today's macro updates is Eurozone CPI, which is forecast to accelerate amid the jump in energy prices. UK Grocery share data also will be released at 8am UK time.

    • In earnings news, DACHs names kicked off the session with Romande Energie Holding (REHN.SW), SoftwareONE Holding (SWON.SW), VAT Group VACN.SW) updated investors with their latest numbers. In France, Casino Guichard-Perrachon (CO.FP) reported FY earnings yesterday after markets closed.

    • In M&A, Galapagos NV (GLPG.NA) entered into binding agreement with Gilead Sciences, Inc. in connection with Gilead's definitive agreement to acquire all of the outstanding equity interests of Ouro Medicines. In France, Mundys confrims acquisition of 9.5% stake in Getlink (GET.FP).

  • Politics/Macro/World News

    • EU ministers commemorate Bucha massacre as Ukraine peace talks stall - FT

    • Cracks appear in US-UK security co-operation after Trump-Starmer tensions -- FT

    • Netanyahu says military aims in Iran 'beyond halfway' complete, as Kuwaiti oil tanker hit in Dubai - BBC

    • Trump willing to end war 'without reopening' Strait of Hormuz - The Times

    • Tensions surge in final stretch of Hungarian election - Politico

    • Netherlands Mar Preliminary CPI +2.7% y/y vs consensus +3.2% and prior +2.4%

    • Finland Mar Preliminary HICP +2.4% y/y vs consensus +3.1% and prior +1.8%

    • UK Mar shop price inflation +1.2% vs consensus +1.3% and prior +1.1% - BRC

  • Top company news

    • Earnings/updates

      • DACHs

        • VACN.SW (VAT Group) -- expects Q1 revenue ~ CHF215M vs guidance CHF240-260M, impacted by Middle East conflict; reaffirms positive outlook for 2026

        • SWON.SW (SoftwareONE Holding) -- reports FY adj net income CHF89.6M vs FactSet CHF105.2M; guides FY26

        • BSL.GR (Basler) -- reports FY net income €11.6M vs preliminary €11.6M

        • REHN.SW (Romande Energie Holding) -- reports FY net profit CHF79.8M, +127% vs year-ago CHF35.2M

        • BCVN.SW (Banque Cantonale Vaudoise) -- reports final FY earnings in line with earlier release - Annual Report 2025

        • NOEJ.GR (Norma Group) -- reports FY adj. EPS (€0.97) vs year-ago (€0.40); revenues and adj. EBIT in line with prelims; dividend of €0.14 per share proposed

        • SHLTN.SW (SHL Telemedicine) -- reports FY net income (CHF15.4M) vs year-ago (CHF27.8M)

        • JFN.SW (Jungfraubahn Holding) -- reports FY net income CHF78.2M vs FactSet CHF78.7M [2 est, CHF78.3-79.1M]

        • EKT.GR (EnergieKontor) -- reports FY EPS €2.94 vs FactSet €1.67 [4 est, €1.50-1.81]

        • DMP.GR (Dermapharm Holding) -- confirms preliminary FY numbers: adjusted EBITDA €324.8M, +3% vs year-ago €315.6M

      • France

        • CO.FP (Casino Guichard-Perrachon) -- reports FY net income (€402M) vs FactSet (€345.5M) [1 est]

      • Cyprus

        • BOCH.CY (Bank of Cyprus Holdings) -- reports FY net income €481M vs FactSet €468M [5 est, €440-481M]

      • Also due to report today includes:

        • Earnings:

          • DACHs: Deutsche EuroShop (DEQ.GR), MBB (MBB.GR), adesso (ADN1.GR), Aumann (AAG.GR), H&R (2HRA.GR), Leifheit (LEI.GR), CPI PROPERTY GROUP (O5G.GR), Knaus Tabbert (KTA.GR), Auto1 Group (AG1.GR), Adesso (ADN1.GR), Friedrich Vorwerk (VH2.GR)

          • France: Lhyfe (LHYFE.FP), Afyren (ALAFY.FP), LightOn (ALTAI.FP)

          • Southern Europe: Buzzi (BZU.IM), Piraeus Port Authority (PPA.GA), Fourlis Holdings (FOYRK.GA)

          • UK: Princes Group (PRN.LN), A.G. BARR (BAG.LN), Raspberry Pi Holdings (RPI.LN), James Halstead (JHD.LN), Hilton Food Group (HFG.LN), Judges Scientific (JDG.LN), Anpario (ANP.LN)

        • CMD/Events: PolyPeptide Group (PPGN.SW) healthcare investors meeting, Rational (RAA.GR) IR follow-up talk FY25 & last call Q1 of 2026 (registration link), UniCredit (UCG.IM) EGM includes vote on cancellation of treasury shares

    • M&A

      • ULVR.LN (Unilever) -- in advanced talks to combine food business with McCormick in deal that includes ~$16B cash component - Reuters

      • KER.FP (Kering) -- completes first step in the acquisition of Raselli Franco Group

      • HOLN.SW (Holcim) -- completes acquisition of majority stake in Cementos Pacasmayo

      • AENA.SM (Aena S.M.E.) -- to acquire concessionaire company of Rio Galeão Airport

      • OGI.CN (OrganiGram) -- shareholders approve acquisition of Sanity Group

      • CWEB.CN (Charlotte's Web Holdings) -- BAT to make debt-for-equity conversion with, additional equity investment in Charlotte's Web

      • HGT.LN (HgCapital Trust) -- HgCapital Trust announces full exit of Geomatikk Group

      • TSL.IM (Tessellis) -- accepts supplementary offer for B2C business unit

      • GLPG.NA (Galapagos) -- NV enters into binding agreement with Gilead Sciences, Inc. in connection with Gilead's definitive agreement to acquire all of the outstanding equity interests of Ouro Medicines, LLC

    • Healthcare

      • SAN.FP (Sanofi) -- Sanofi's Rezurock receives EU conditional approval for Chronic Graft-Versus-Host disease treatment in adults and children aged 12 years

      • UCB.BB (UCB) -- announces EC has granted marketing authorization under exceptional circumstances for KYGEVVI for treatment of paediatric and adult patients with genetically confirmed thymidine kinase 2 deficiency with age of symptom onset on or before 12 years

      • SOON.SW (Sonova Holding) -- Sonova partners with Singapore Economic Development board to accelerate innovation and profitable growth across APAC

      • EVT.GR (Evotec) -- SEC filing: SCHEDULE 13D (Filed by MAK Capital Fund LP)

      • EVT.GR (Evotec) -- holder MAK Capital discloses 7.0% holding; intends to continue to actively engage with the Management and Supervisory boards - 13D

    • Other

      • UBSG.SW (UBS Group) -- Swiss lawmakers indicating compromise on banking reforms that could lessen additional capital requirements for UBS, potentially allowing use of AT1 bonds for foreign subsidiaries - FT

      • SIE.GR (Siemens AG) -- reportedly plans to dissolve its digital industries and smart infrastructure segments - Reuters

      • ENGI.FP (ENGIE) -- awarded new concessions in Brazil

      • GET.FP (Getlink) -- Mundys planning to increase stake in Getlink - Bloomberg

      • BMPS.IM (Banca Monte dei Paschi di Siena) -- ECB concerned about banking credentials of Monte dei Paschi board's CEO candidate Fabrizio Palermo - Reuters

      • SPSN.SW (Swiss Prime Site) -- appoints Martina Moosmann as its new CFO, effective 15-Apr

      • DOKA.SW (dormakaba Holding) -- secures several projects in the healthcare vertical; combined total order volume is in the low double-digit million range

      • RECSI.NO (REC Silicon) -- extends $110.0M guaranteed term loan agreement with KEB Hana Bank

      • Banque Cantonale Vaudoise releases 2025 Sustainability Report

      • FCA confirms motor finance redress scheme

      • INOX Air Products reportedly planning a $1B IPO - Reuters

  • Key rating changes

    • Upgrades

      • BEI.GR (Beiersdorf) -- to neutral from sell at UBS

      • DGE.LN (Diageo) -- to buy from hold at Deutsche Numis

      • IVSO.SS (INVISIO) -- to buy from hold at Pareto

      • ENG.SM (Enagas) -- to equal-weight from underweight at Morgan Stanley

      • FLS.DC (FLSmidth & Co.) -- to equal weight from underweight at Barclays

      • SOON.SW (Sonova Holding) -- to neutral from underweight at JPMorgan

      • DOM.LN (Domino's Pizza Group) -- to equal weight from underweight at Barclays

      • SZU.GR (Suedzucker) -- to overweight from underweight at Barclays

    • Downgrades

      • GIVN.SW (Givaudan) -- to hold from buy at Berenberg

      • ACA.FP (Credit Agricole) -- to underperform from neutral at Autonomous Research

      • JDW.LN (JD Wetherspoon) -- to underweight from overweight at Barclays

    • Initiations

      • RHM.GR (Rheinmetall) -- neutral at Citi

  • Data

    • Nikkei (0.84%) to 51449.47

    • Hang Seng (0.38%) to 24656.84

    • Shanghai Composite +0.01% to 3923.50

    • S&P futures +48.5 vs prior close of 6388.3

    • €-$ +0.0005 or +0.04% to 1.1469

    • $-¥ (0.17) or (0.10%) to 159.56

    • €-¥ (0.08) or (0.04%) to 183.00

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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